An article published by BusinessInsider found that 65% of self made millionaires have 3 sources of income, 45% have 4 sources, and 29% have 5 or more sources of income. That’s a far difference from the person who’s pulling in their entire paycheck from a single job, and this small difference could end up making you a lot of money over your career if you use it to your advantage. Feel free to add me on Snapchat / Instagram: GPStephan
It really comes down to creating value with your time and doing things that lead you to what you want to achieve.
It usually begins like this:
1. Main job - this is your priority
Doing this spreads out your risk. You don’t have 100% of your money coming in from one source. If something happens to your main job, you’re out. This allows you something to fall back on. It also allows you to focus on passive sources of income, or income that doesn’t require 100% of your attention, which is money you can make in addition to your main job. If you ever want to scale back or have more free time, this is easier to achieve. It also allows you to better leverage your time.
2. Investments - the things you place your money in
3. Side job - what else you can do with your time
For me, I have four sources of income:
1. What I earn as a Real estate agent (my main job)
2. Equity gained by buying properties and renovating them
3. Rental properties
4. Stock market income
5. YouTube?
So you can see - main business, investments, and then side job. There’s almost like a trickle-down affect where you have your primary source of income which can be funneled through other avenues to make you even more money, hopefully which require less attention than your main job.
I’m a believer that more and more opportunity is shifting to online and mobile, so anything you can setup online will likely do well long term. I also like businesses that don’t require 100% of your attention where you can leverage your time for something that works around the clock, so I’d highly recommend doing more research into these types of opportunities.
The most successful people I see all have these income streams. Some of them have products they sell, some invest in real estate, some invest in stocks, and some own their own side businesses. It’s less important about what they’re doing, and more important to realize that this is one of the best things to do.
So what can you do? Figure out what you want - do you want something that’s entirely passive? Do you want something that’ll make you more where you’re actively involved in? How much time do you have to dedicate to this? What do you like doing? There are also plenty of other passive income sources, like affiliate marketing, writing e-books, building apps, YouTube, website ad revenue, p2p lending…
Overall, there are huge advantages to setting yourself up with multiple income streams. It generally makes you more money, spreads out your risk, and allows you to diversify. Thanks for watching!
0 facebook:
Post a Comment